Answer :

Knowledge economy refers to the knowledge sector where knowledge and technology are used to attain economic growth. It is visible that modern technology and information & communication technology has developed into the knowledge economy. Education, innovation, and Information & Communication Technology (ICT) became the basis of the knowledge economy. The different institutions in India that contributed to the knowledge economy are as follows:

IT companies- IT revolution helped to realise the potential of the knowledge through the development of the digitalisation, computing and communications systems like scanning and imaging technologies, memory and storage technologies, display systems, etc. Information technology allowed us to deal with the manipulation, storage and broadcasting large quantity of information at low cost.

Globalisation – because of the globalisation, the requirement of markets for the final product has become more global. It helped us to deal with the tariff and non-tariff barriers. Foreign direct investment and international capital flow management became easier. It has become easy to sell, buy, create and deliver goods and services through this electronic medium. It helps in fulfilling economic demand.

Computer networking – use of technology interconnected us with other major networks. Development of the internet helped us to make the world our global village.

Electronic commerce - this term refers to the use of the internet to sell and buy goods and services. Also, money and data are also transferred to complete the transactions. This helped individual and institutions to sell their services through electronic media. People use the internet to conduct business and to deal with the commercial transaction with the use internet.

These above-mentioned institutions are a part of the knowledge economy and are the major driving force behind the growth of the knowledge economy. With the development of the knowledge economy, the national income of India is also increasing. More and more people are making use of knowledge and technology to increase their commercial business. As to estimate national income, the money value of goods and services produced by the primary, secondary, and tertiary sectors is calculated.

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